The Vision Agency FFL

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Step five is to ensure necessary life and disability insurance.

In addition to providing your family or named beneficiary with a source of income when you die,
🎉life insurance can guarantee an income stream to the business to keep your company operating in your absence.

Disability insurance provides similar coverage if you experience a short-term or long-term disability.

In most cases, business owners need to purchase two different types of life and disability policies:
👉🏽A personal life and disability policy with your family as the beneficiary
👉🏽A key person life and disability policy with the business as the beneficiary

🔐Key person insurance is similar to personal life insurance, but the beneficiary is the company instead of a family member. If the key person of the business, usually the business owner, passes away or becomes disabled, the company gets a payout equal to a multiple of the owner’s salary or the business’s profits. The remaining members of your business can utilize that money to pay employees, train staff, and keep the company afloat.

🔐Key person insurance can be a lifesaver where the owners are critical to the business’s success, and can be used to pay a deceased owner’s family for his or her share of the business, thereby removing them as potential operators along with the difficulty of dealing with unexpected business partners.